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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,4x - 1,6x | 1,5x |
| Selected Fwd Revenue Multiple | 1,4x - 1,5x | 1,5x |
| Fair Value | R$11,03 - R$12,67 | R$11,85 |
| Upside | 10,7% - 27,2% | 19,0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Neoenergia S.A. | NEOE3 | BOVESPA:NEOE3 |
| Centrais Elétricas Brasileiras S.A. - Eletrobrás | ELET5 | BOVESPA:ELET5 |
| Rio Paranapanema Energia S.A. | GEPA4 | BOVESPA:GEPA4 |
| CPFL Energia S.A. | CPFE3 | BOVESPA:CPFE3 |
| Companhia Energética de Minas Gerais - CEMIG | CMIG4 | BOVESPA:CMIG4 |
| Companhia Paranaense de Energia - COPEL | CPLE5 | BOVESPA:CPLE5 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| NEOE3 | ELET5 | GEPA4 | CPFE3 | CMIG4 | CPLE5 | |||
| BOVESPA:NEOE3 | BOVESPA:ELET5 | BOVESPA:GEPA4 | BOVESPA:CPFE3 | BOVESPA:CMIG4 | BOVESPA:CPLE5 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 11.5% | 6.2% | 1.1% | 7.3% | 9.3% | 7.4% | ||
| 3Y CAGR | 4.3% | 5.1% | -1.4% | 2.8% | 5.8% | -1.9% | ||
| Latest Twelve Months | 10.5% | 8.1% | -10.8% | 7.3% | 8.1% | 5.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 19.4% | 40.2% | 43.4% | 21.5% | 16.6% | 17.8% | ||
| Prior Fiscal Year | 19.3% | 30.5% | 36.9% | 27.2% | 17.8% | 15.8% | ||
| Latest Fiscal Year | 20.4% | 31.6% | 39.4% | 25.0% | 20.3% | 16.7% | ||
| Latest Twelve Months | 20.4% | 31.6% | 34.9% | 25.0% | 20.3% | 16.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.40x | 2.28x | 2.55x | 1.69x | 1.03x | 1.73x | ||
| EV / LTM EBIT | 6.9x | 7.2x | 7.3x | 6.7x | 5.1x | 10.4x | ||
| Price / LTM Sales | 0.52x | 1.87x | 2.33x | 1.02x | 0.85x | 1.33x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.03x | 1.69x | 2.55x | |||||
| Historical EV / LTM Revenue | 0.88x | 1.38x | 1.73x | |||||
| Selected EV / LTM Revenue | 1.41x | 1.49x | 1.56x | |||||
| (x) LTM Revenue | 22,651 | 22,651 | 22,651 | |||||
| (=) Implied Enterprise Value | 31,994 | 33,678 | 35,362 | |||||
| (-) Non-shareholder Claims * | (9,237) | (9,237) | (9,237) | |||||
| (=) Equity Value | 22,757 | 24,441 | 26,125 | |||||
| (/) Shares Outstanding | 2,033.7 | 2,033.7 | 2,033.7 | |||||
| Implied Value Range | 11.19 | 12.02 | 12.85 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11.19 | 12.02 | 12.85 | 9.96 | ||||
| Upside / (Downside) | 12.3% | 20.7% | 29.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NEOE3 | ELET5 | GEPA4 | CPFE3 | CMIG4 | CPLE5 | |
| Enterprise Value | 68,766 | 76,385 | 3,343 | 71,923 | 36,739 | 29,493 | |
| (+) Cash & Short Term Investments | 7,826 | 30,113 | 474 | 3,547 | 2,256 | 4,163 | |
| (+) Investments & Other | 2,396 | 32,120 | 0 | 726 | 3,356 | 4,137 | |
| (-) Debt | (53,536) | (79,414) | (747) | (31,555) | (12,709) | (17,575) | |
| (-) Other Liabilities | (109) | (137) | 0 | (1,063) | (5) | 38 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,343 | 59,068 | 3,069 | 43,578 | 29,637 | 20,256 | |
| (/) Shares Outstanding | 1,213.2 | 787.6 | 94.4 | 1,152.3 | 2,860.7 | 2,033.7 | |
| Implied Stock Price | 20.89 | 75.00 | 32.50 | 37.82 | 10.36 | 9.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.89 | 75.00 | 32.50 | 37.82 | 10.36 | 9.96 | |
| Trading Currency | BRL | BRL | BRL | BRL | BRL | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |